Housing Options in Dundee - Buying a Home

If getting onto the property ladder is your preferred option there are a number of steps that you will have to follow to buy a home.

Think about your finances

  • The first thing you need to do is work out how much you can afford to borrow for a mortgage
  • Be honest, add up all the costs involved in buying a home and how much you think it will cost to live there
    • Remember, your home may be repossessed if you do not keep up your payments on your mortgage

Choose and arrange a mortgage

  • There are lots of different types of mortgage on offer e.g. fixed rate, variable rate, repayment, endowment
  • Make time and do your research to find one that meets your needs
  • There are step by step guides and mortgage calculators on the internet and all the banks and building societies have information leaflets in their local branches
    • A good place to start is the Financial Services Authority (FSA) website

Appoint a solicitor

  • You should appoint a solicitor to be your legal advisor and act on your behalf
  • One of the best ways to choose is ask family, friends or colleagues if they can recommend a solicitor. If you know someone who was happy with a solicitors services throughout the process this is a very good indication of their quality.
  • You can find details of solicitors in the Dundee area in the Yellow Pages or local newspapers and the following website www.lawscot.org.uk.
  • There is no set scale of fees for buying a house, so contact more than one solicitor and ask for an estimate
  • Usually the same solicitor cannot act for both the buyer and seller of a property, but two solicitors of the same firm may do so as long as there is no clash of interests between buyer and seller

Find and view properties

There are a number of ways you can find a property to buy:

Once you have found properties you are interested in you can make arrangements to view them.

  • Make up a list of questions you want to ask the seller, including the date of entry
  • If you really like a property, visit it two or three times before deciding to make an offer

Getting a survey and making and offer

  • Before making an offer, you should arrange to have a survey carried out to see if there are any defects
    • There are different levels of survey and you will have to pay the cost of the survey and report
    • You mortgage lender will insist on a survey before releasing any funds
  • In December 2008, all sellers of properties will have to provide a 'Home Report'.
    • The report will be made up of; a Single Survey, an Energy Report and a Property Questionnaire
    • For more information visit the Home Report website
  • If your offer is accepted, you will be in a legally-binding contract
  • Your solicitor will then carry out the legal work and you can move into your new home

The following booklets contain information and advice about buying property in Scotland.